State Bank of India (SBI) offers an instant money transfer facility through net banking to its customers. Individuals who have subscribed to SBI's internet banking service can use the IMT or Instant Money Transfer facility to make wire transfers by providing the beneficiary's basic details such as name, mobile number and address, according to the bank's internet banking portal - onlinesbi.com. To be able to start using the money transfer service, a user is required to register the beneficiary in the SBI system. This enables the sender, or remitter, to make recurring payments without having to feed the required details again.

Here are five things to need to know about sending money using SBI's Instant Money Transfer (IMT) service:

1. Money transfer transaction limit
SBI has stipulated a minimum amount of Rs. 100 for IMT transactions. Any amount in the multiples of Rs. 100 can be remitted, or transferred, through the SBI IMT service. SBI permits a maximum amount of Rs. 10,000 per transaction for such money transfers. A limit of Rs. 25,000 per month per beneficiary is applicable, according to SBI. The maximum amount per sender in a calendar month is Rs. 50,000. SBI permits a maximum of 10 beneficiaries per sender.

2. SBI money transfer service charges
SBI charges the remitter a fee of Rs. 25 per transaction. This means you have to pay this fee for every transfer made using the IMT service. There are no charges that the beneficiary - who receives the money - is required to pay.

3. How to add an IMT (Instant Money Transfer) beneficiary

SBI has explained the process of adding an IMT beneficiary.

Once logged into SBI's internet banking portal, the user can access the "IMT beneficiary" option under "manage beneficiary" in the profile section. If the user approves a newly added beneficiary between 6:00 am and 8:00 pm, the same is activated "on the same day within 4 hours", explains SBI. Any beneficiaries approved after these hours are activated the next day after 8:00 am. An IMT can be initiated after activation of the registered beneficiary, according to SBI.

4. Cash withdrawal rules
SBI enables the receiver, or beneficiary, to withdraw money from select SBI group ATMs without using a debit card. However, the beneficiary must withdraw the whole amount in a single transaction. "No partial withdrawals are allowed, at present," SBI adds. The beneficiary gets T+2 days, which means two days from the day of transfer, to withdraw amount. Failing to do this in the stipulated time results in reversal of the amount transferred. The charges paid by the remitter, however, are not refunded, according to SBI.

At an eligible SBI group ATM, the user selects the IMT option, and fills in details such as the beneficiary mobile number along with the sender code, which is shared by the remitter. After this step, the beneficiary receives a code on his or her mobile number - as provided by the remitter - through SMS. The beneficiary enters the figure of the full IMT amount. The ATM then dispenses the amount in cash.

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